Save Article

American Economy Is a Model
That Other Nations Envy, Fear

BERLIN -- When Germany enacted a tax-reform law last year, its largest newspaper, Bild, asked: "Are we catching up with the Americans now?"

But after the traumatic U.S. presidential election and the bursting of the Internet stock bubble, a cartoon in the French daily Le Monde captured the Schadenfreude overseas. It showed an agitated man bursting into the Oval Office shouting, "Nasdaq: -3%, Dow: -17%, Dollar:...